As per a report compiled by Global Market Insights, Inc., rear spoiler market size has been estimated to surpass the 5-billion-dollar mark by 2024, given the increasing popularity of these component in SUVs and hatchback cars. In essence, with changing consumer preferences regarding luxury automobiles and a paradigm shift in technology deployment in vehicle manufacturing, rear spoiler industry is certain to chart out a rather lucrative growth path in the years ahead.
North America rear spoiler market will capture highest revenue share accounting for approximately USD 2 billion till 2024. Rising demand for improved rear spoilers owing to increased production of high-speed cars will drive the regional growth. High sales of SUVs across the region will contribute significantly to the revenue generation. Moreover, drop in prices of these vehicles will further support the region’s dominance over the next eight years.
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Europe will showcase steady growth owing to presence of major automakers and recovering economy across the region. Industry participants are focusing on R&D activities for improvements in material quality and product performance, fostering the industry growth. High adoption of electric vehicles in countries including Sweden, Netherlands will further strengthen the product penetration.
Rear spoiler market from aftermarket will hold major share crossing 75% over the coming years owing to cost effectiveness of these products as compared to their counterparts. OEMs will exhibit 5% CAGR owing to consumer’s loyalty and trust towards component manufacturers.
India to be a crucial growth ground for the expansion of rear spoiler market size
The rising furor for SUVs has been observed across the Indian sub-continent as well. Just recently, it had been observed that the compact SUV segment has emerged as one of the most profitable automobile categories in the country, as is exemplified by the details below:
- The Maruti S-Cross witnessed the highest rise in sales in the month of October – a mammoth 1331% increase from the September sales, from 385 to 5510.
- The Vitara Brezza recorded sales of 11,684 units, consistently maintaining its leadership position.
- Tata Nexon held a record customer count of 3099 and is expected to soar tremendously high, with a huge consumer waiting list. On this account, the company actually plans to double the production of the Nexon owing to the 3-month waiting period.
Browse key industry insights spread across 435 pages with 700 market data tables & 15 figures & charts from the report, “Rear Spoiler Market” in detail along with the table of contents:
DAR Spoilers, Plastic Omnium, Polytec Group, Mitsubishi, and Mercedes-AMG Gmbh are among the key players in the rear spoiler market. Other noticeable participants include Plasman Group, Changzhou Huawei, Magna International, and Albar Industries.
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